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Kurdish PM fears more delay in draft Iraq oil law

December 12th, 2011 06:21 pm · Posted in NEWS (Iraq & World Currency)

* Barham Salih says Iraq oil minister’s stance may delay bill

* Oil minister has warned Kurds on oil contract approach

* Salih meets French investors, Total present

The prime minister of Iraq’s semi-autonomous Kurdish region expressed concerns about what he said were “contradictory” remarks by the central government’s oil minister, which could delay a draft hydrocarbons law for the OPEC producer.

Adoption of a new oil and gas law has long been considered critical to the success of Iraq’s rapidly developing oil sector, although Baghdad has signed multibillion-dollar contracts with global oil majors despite antiquated legal safeguards.Iraqi Prime Minister Nuri al-Maliki and Prime Minister Barham Salih of the Kurdistan Regional Government agreed during talks in Baghdad in October that by Dec. 31, they would either amend a 2007 hydrocarbons law as agreed by all political factions or adopt the 2007 law as is.

“I have a firm commitment from PM Maliki to send the law to parliament by year-end,” Salih told Reuters after meeting potential French investors in Paris on Monday.

“However, I have heard some contradictory remarks from the oil minister recently,” the 51-year old official said, adding the oil minister had been privy to the accord between himself and Maliki.

In an interview on Friday, Oil Minister Abdul-Kareem Luaibi said Kurdish authorities had to decide whether they wanted to be part of Iraq or whether they had opted to be an independent state.

“It is not acceptable – and I’m talking here as an Iraqi citizen not as oil minister – that the Kurds sign contracts that award every single inch of the Kurdistan region of Iraq, without the participation of the inhabitants of the 15 other provinces in the decision,” Luaibi told the Iraqi Oil Forum.

When pressed on whether he thought the draft law would be presented as agreed, Salih said the nature of Iraqi politics made it impossible to foresee but that, “It was time to move on”, so that Iraq could develop its oil wealth and boost its revenues

“I cannot say we have managed to resolve these issues, but I believe it is in the interest of the country as a whole that we act together,” the prime minister said.

Kurdish officials have repeatedly criticised a draft law approved by Iraq’s cabinet in August, which would have given the Arab-dominated central government in Baghdad more control over the nation’s oil reserves, the world’s fourth largest.

FRENCH INTEREST, OIL FIRM TOTAL IN WINGS

Salih, Iraq’s deputy prime minister until 2009, spoke during his first official trip to Paris to meet French officials and company executives in an effort to drum up interest.

Only 11 French firms including cement producer Lafarge , water group Veolia and food group Danone operate in the region.

Oil major Total, which currently only participates in Iraq’s Hallfaya field, was among the 80 firms represented at the meeting of the French business federation Medef.

Its Iraqi managing director chaired a special round table with Kurdish oil officials on the scope and needs of hydrocarbon projects in the region.

Salih declined to comment on whether there were talks with Total or whether the firm had shown any interest in exploration agreements. Total could not immediately be reached for comment.

Exxon became the first oil major to move into the northern Kurdish region in mid-October when the U.S. company signed with the Kurdistan Regional Government for six exploration blocks. The KRG is locked in a feud with the central government in Baghdad over territory and oil rights.

The Iraqi oil ministry has said the deal is illegal.

Salih declined to comment on that deal, but a promotional video from the KRG shown to investors hailed the accord despite Baghdad’s reservations.

“The stated centralised system of managing and commanding our economy in Iraq has proven to be a failure, and the success of Kurdistan as a viable economic model shows how to move beyond the stagnation in Iraq’s economy,” Salih said.

http://www.iraqdirectory.com/DisplayNews.aspx?id=17704

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December 12th, 2011 06:22 pm · Posted in NEWS (Iraq & World Currency)

* Barham Salih says Iraq oil minister’s stance may delay bill

* Oil minister has warned Kurds on oil contract approach

* Salih meets French investors, Total present

The prime minister of Iraq’s semi-autonomous Kurdish region expressed concerns about what he said were “contradictory” remarks by the central government’s oil minister, which could delay a draft hydrocarbons law for the OPEC producer.

Adoption of a new oil and gas law has long been considered critical to the success of Iraq’s rapidly developing oil sector, although Baghdad has signed multibillion-dollar contracts with global oil majors despite antiquated legal safeguards.Iraqi Prime Minister Nuri al-Maliki and Prime Minister Barham Salih of the Kurdistan Regional Government agreed during talks in Baghdad in October that by Dec. 31, they would either amend a 2007 hydrocarbons law as agreed by all political factions or adopt the 2007 law as is.

“I have a firm commitment from PM Maliki to send the law to parliament by year-end,” Salih told Reuters after meeting potential French investors in Paris on Monday.

“However, I have heard some contradictory remarks from the oil minister recently,” the 51-year old official said, adding the oil minister had been privy to the accord between himself and Maliki.

In an interview on Friday, Oil Minister Abdul-Kareem Luaibi said Kurdish authorities had to decide whether they wanted to be part of Iraq or whether they had opted to be an independent state.

“It is not acceptable – and I’m talking here as an Iraqi citizen not as oil minister – that the Kurds sign contracts that award every single inch of the Kurdistan region of Iraq, without the participation of the inhabitants of the 15 other provinces in the decision,” Luaibi told the Iraqi Oil Forum.

When pressed on whether he thought the draft law would be presented as agreed, Salih said the nature of Iraqi politics made it impossible to foresee but that, “It was time to move on”, so that Iraq could develop its oil wealth and boost its revenues

“I cannot say we have managed to resolve these issues, but I believe it is in the interest of the country as a whole that we act together,” the prime minister said.

Kurdish officials have repeatedly criticised a draft law approved by Iraq’s cabinet in August, which would have given the Arab-dominated central government in Baghdad more control over the nation’s oil reserves, the world’s fourth largest.

FRENCH INTEREST, OIL FIRM TOTAL IN WINGS

Salih, Iraq’s deputy prime minister until 2009, spoke during his first official trip to Paris to meet French officials and company executives in an effort to drum up interest.

Only 11 French firms including cement producer Lafarge , water group Veolia and food group Danone operate in the region.

Oil major Total, which currently only participates in Iraq’s Hallfaya field, was among the 80 firms represented at the meeting of the French business federation Medef.

Its Iraqi managing director chaired a special round table with Kurdish oil officials on the scope and needs of hydrocarbon projects in the region.

Salih declined to comment on whether there were talks with Total or whether the firm had shown any interest in exploration agreements. Total could not immediately be reached for comment.

Exxon became the first oil major to move into the northern Kurdish region in mid-October when the U.S. company signed with the Kurdistan Regional Government for six exploration blocks. The KRG is locked in a feud with the central government in Baghdad over territory and oil rights.

The Iraqi oil ministry has said the deal is illegal.

Salih declined to comment on that deal, but a promotional video from the KRG shown to investors hailed the accord despite Baghdad’s reservations.

“The stated centralised system of managing and commanding our economy in Iraq has proven to be a failure, and the success of Kurdistan as a viable economic model shows how to move beyond the stagnation in Iraq’s economy,” Salih said

http://www.iraqdirectory.com/DisplayNews.aspx?id=17704

I posted this article before but I missed the important date, so mods if you want to combine the 2, but leave this one open because of topic headlines, thank you

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Exxon is not going to take this laying down. To have their contracts jerked out from under them?

On Dec 9, there was a news thread called "What was Exxon Thinking?" It's a great article.

The best info that I have read about whats going on there. I wouldn't be surprised if this

does not get resolved all that quickly.

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Exxon is not going to take this laying down. To have their contracts jerked out from under them?

On Dec 6, there was a news thread called "What was Exxon Thinking?" It's a great article.

The best info that I have read about whats going on there. I wouldn't be surprised if this

does not get resolved all that quickly.

As this article says, if they can't agree on a new law the 2007 draft law goes into effect Dec. 31

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Exxon is not going to take this laying down. To have their contracts jerked out from under them?

On Dec 9, there was a news thread called "What was Exxon Thinking?" It's a great article.

The best info that I have read about whats going on there. I wouldn't be surprised if this

does not get resolved all that quickly.

Two articles posted today, one addresses Exxon's contracts (below), and another one regarding the payment of $427 million to Kurdistan from Baghdad for oil uses (look in the news, I am too tired, sorry).

Posted on 12 December 2011. Tags: Exxon, ExxonMobil, KRG, Maliki, oil contracts, West Qurna

Nouri al-Maliki has said that the iraqi Government has no intention to cancel the contract with ExxonMobil to develop the West Qurna 1 oil field.

“We haven’t cancelled its contract in the south,” said Mr. Maliki in an interview with The Wall Street Journal. “We are looking for a way for [ExxonMobil's] other contracts in any area to be within the legal contexts, but as for cancelling its contract in the south, no.”

Maliki also said that Exxon has “frozen” its controversial contract with the KRG, and suggested that his government was willing to find a way to ultimately make the deal work.

“It [the contract] has a legal violation, it doesn’t work unless Exxon comes back and negotiates with the Ministry of Oil in the presence of a representative of the Kurdistan region, then possible,” Mr. Maliki said. “Even Exxon I think has frozen the project, now the contract is frozen and we will try to find a formula to remedy it.”

So far, ExxonMobil has said nothing about the deal.

(Source: Wall Street Journal)

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Great find all!!!! Like what I am reading noticed the end of year comments right away and gave a huge shout out!!! I can't believe we might actually be close expecially with the other thread stating "The government has transferred $427 to Iraqi Kurds as part of an agreement to settle differences over the development of oil fields, said Finance Minister Rafie al-Essawi" Keep bringing the positive news! :):):)

Two articles posted today, one addresses Exxon's contracts (below), and another one regarding the payment of $427 million to Kurdistan from Baghdad for oil uses (look in the news, I am too tired, sorry).

Posted on 12 December 2011. Tags: Exxon, ExxonMobil, KRG, Maliki, oil contracts, West Qurna

Nouri al-Maliki has said that the iraqi Government has no intention to cancel the contract with ExxonMobil to develop the West Qurna 1 oil field.

“We haven’t cancelled its contract in the south,” said Mr. Maliki in an interview with The Wall Street Journal. “We are looking for a way for [ExxonMobil's] other contracts in any area to be within the legal contexts, but as for cancelling its contract in the south, no.”

Maliki also said that Exxon has “frozen” its controversial contract with the KRG, and suggested that his government was willing to find a way to ultimately make the deal work.

“It [the contract] has a legal violation, it doesn’t work unless Exxon comes back and negotiates with the Ministry of Oil in the presence of a representative of the Kurdistan region, then possible,” Mr. Maliki said. “Even Exxon I think has frozen the project, now the contract is frozen and we will try to find a formula to remedy it.”

So far, ExxonMobil has said nothing about the deal.

(Source: Wall Street Journal)

Thanks Carrello, loooks like this week is shaping up to be a great news week! :):):)

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HCL laws established + Chap 7 release = RV ?

Absolutely.... they won't RV until they can enjoy the full benefits for their own country. They want to be back in the drivers seat, and enjoy being able to drive that vehicle wherever they want... being out of Ch. 7 and getting the HCL laws passed so they can wheel and deal on their own!

We are almost there folks, well, technically, the paper work may already be done, we just wait for the announcements!!! wink.gif Come on boyz... gitter dun!biggrin.gif

Good find Tony, thanks for the post! th_smiley_two_thumbs_up.gif

GO RV Already Baby!!!cool.gif

Edited by RodandStaff
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